Accounting

Lecture on An Introduction to Cost Terms and Purposes

Lecture on An Introduction to Cost Terms and Purposes

This lecture paper is prepare on An Introduction to Cost Terms and Purposes. Cost is a resource sacrificed or forgone to achieve a specific objective. A cost object is anything for which a separate measurement of costs is desired. Studying this chapter, you should be able to Define and illustrate a cost object, Distinguish between direct costs and indirect costs, Explain cost drivers, variable costs and fixed costs.